Trump reportedly tells Cabinet to start preparing a potential trade deal with China

President Trump wants his administration to work on getting a trade deal with China off the ground, Bloomberg reported Friday.

Trump tweeted on Thursday that he had spoken with Chinese President Xi Jinping over the phone, noting that trade discussions were "moving along nicely." He later said at a rally that China wants to make a deal. Trump is reportedly hoping the U.S. can come to an agreement with Beijing when he meets with Xi at the upcoming G20 summit in Argentina, scheduled to take place at the end of November.

Multiple agencies are involved in coming up with the terms of this deal, Bloomberg reports, working to resolve months of trade tensions. The two countries have hit one another with billions of dollars in tariffs as part of an escalating trade war; the U.S. recently threatened additional tariffs on Chinese imports. The Wall Street Journal reported last week that negotiations with China would be halted until the country would agree to certain U.S. demands.

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A senior administration official told CNBC that there's still "a long way to go" on negotiations with China before a deal can be made, and one analyst told Bloomberg he suspects this is little more than an attempt to "ensure equities rally into election day." Read more at Bloomberg.